Macintouch Digital Cameras (Part 3): "...Nikon Capture 4 at $100 is splendid for batch processing. (It's not THAT slow.) A new contender for low-cost entry is Adobe Photoshop Elements 3 at $80, a super editor for RAW files. It has the same Camera Raw 2.3 Plug-In found in Photoshop CS and it supports RAW (NEF files) from Nikon, and Canon and whoever else, all seamlessly. A bargain.
For anyone wanting to understand the RAW format (including Nikon's NEF, which is their flavor of RAW) get Bruce Fraser's excellent book 'Real World camera RAW.' [$23.79 @ Amazon] Once you understand what RAW can do you will never shoot JPEG again."
News to me that Elements has the RAW editor!